Four Arrested in an Alleged $1.5 Million Gold Coast Crypto Investment Scam
Queensland Police have taken action against an alleged crypto investment fraud operating on the Gold Coast, resulting in the arrest and charging of four individuals.
The investigation, led by the Financial and Cyber Crime Group Money Laundering Unit, began in July 2022, according to a report from Australian news outlet 9News .
The search focused on companies including Crypto Advisers Australia, Strategic Capital, Active Marketing Solutions, and Alternative Capital, which were suspected of engaging in fraud and money laundering activities.
The breakthrough in the case came on March 11 and 12, when police apprehended two men and two women tied to the scam.
Prior to the arrests, search warrants were executed at multiple locations across the Gold Coast.
Following a thorough investigation, a 46-year-old man from North Brisbane was charged with four counts of fraud and one count of knowingly participating in money laundering.
He made his initial appearance at Brisbane Magistrates Court on March 25 and is expected to return on May 27.
Additionally, a 36-year-old man from the Gold Coast, along with two women aged 37 and 63, were each charged with one count of money laundering.
All three individuals are scheduled to appear before Southport Magistrates Court on April 29.
A Gold Coast crypto company has been raided after encouraging clients to put their superannuation into crypto coins. #9News pic.twitter.com/7vFbYcGAh6
— 9News Gold Coast (@9NewsGoldCoast) April 28, 2024
According to authorities, the group orchestrated a Ponzi scheme, defrauding approximately 30 victims between 2018 and 2021.
The scam relied in part on cold calls to unsuspecting individuals.
Police claim that the perpetrators
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